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      Up in the air

      We are delighted to present our KPMG insurance industry survey for 2025, a publication we are proud to have delivered for over 25 years! This year’s survey covers the financial results of 28 non-life insurers, sixteen life insurers and four reinsurers.

      The 2024 financial results of participating insurers indicate that the industry was not only able to sustain, but also built on the robust financial results reported in 2023, carrying forward the momentum and gains established from the previous year.

      The industry continues to benefit from the strategic measures implemented in recent years, such as rate increases, cost containment measures, process efficiencies and the application of stricter underwriting principles, to name a few. The approach taken by the industry to achieve these results underscores the industry’s commitment to long-term resilience and strategic foresight, ensuring that long-term stability is not compromised in the interest of short-term gains.

      Our survey features a collection of insightful articles developed by our exceptional team of KPMG insurance specialists. While the journey ahead may feel “up in the air” and uncertain in the context of an ever-evolving risk landscape, we trust that this knowledge will provide you with clarity and insight to better navigate internal and external challenges, foster sustainable success and inspire continued progress.



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      The South African Insurance Industry Survey 2025


      The 2025 Insurance Industry Survey Articles

      Life insurance industry results analysis

      On the whole, life insurers reported positive results for 2024 compared to prior years. Having trawled through the life insurance results shared with our team we noted the following trends in this sector over the 2024 financial reporting season.

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      Life Insurance Industry Results Analysis

      Capital modelling in the sea of chaos

      In the world of risk, chaos is not a failure, but rather a feature. It challenges assumptions, reveals hidden vulnerabilities and exposes the relationships we might otherwise overlook. 

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      Capital Modeling in the Sea of Chaos

      Rethinking risk: the insurance industry’s role in nature protection

      Nature and biodiversity risks, while generally not as well understood as climate-related risks, are important and relevant risks for insurers. Due to their perceived complexity, insurers may face nature-related risks that are not yet adequately captured in their current risk assessment frameworks or models. 

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      Rethinking risk: the insurance industry’s role in nature protection

      Enterprise risk management

      The insurance industry, like most businesses in South Africa, is exposed to a variety of internal and external forces, ranging from social media scrutiny and cyber-attacks to local and global political developments, amongst others.

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      Enterprise risk management

      Non-life insurance industry results analysis

      Ninety percent of the non-life insurance industry reported improved results for 2024. This is a feel-good story of a well deserving industry, demonstrating immense levels of resilience during turbulent times.

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      Non-Life Insurance Industry results analysis

      The evolution of insurance intelligence

      Artificial intelligence (AI) has already delivered incremental improvements to insurers using predictive analytics and basic automation. Now, a new chapter is emerging with agentic AI - a class of intelligent systems that can autonomously reason, plan and act.

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      The Evolution of Insurance Intelligence

      Pay attention to the fine print: an assessment of the true comparability of IFRS 17 Insurance Contracts disclosures

      While IFRS 17 has set a structure for improved alignment in reporting, it has not yet resulted in a perfect situation where every company’s results are directly comparable.

       

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      Enterprise risk management

      Too risky to insure : pooling as a solution to complement traditional insurance

      South Africans are increasingly paying more for less and this holds true for insurance cover. The number of South Africans who are fully protected by insurance cover is reducing due to economic and underwriting pressures.

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      Too risky to insure : Pooling as a solution to complement traditional insurance

      Reinsurance industry results analysis

      The reinsurance industry continued to maintain the robust financial results experienced in the previous year, building on the momentum and gains established in 2023.

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      Reinsurance Industry Results analysis

      Can your Own Risk and Solvency Assessment (ORSA) report form the basis from which your net zero transition plan is formulated?

      The Prudential Authority's guidance notice on climate risk management issued in 2024 provides directives for South African insurers on how to develop and implement effective transition plans.

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      Can your Own Risk and Solvency Assessment (ORSA) report form the basis from which your net zero transition plan is formulated?

      Settling into IFRS 17: an in depth non-life insurance analysis

      The 2024 financial year presented a significant milestone for insurers, with all insurers reporting their financial results under IFRS 17 Insurance Contracts (IFRS 17).

       

       

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      Settling into IFRS 17 - an in depth non-life insurance analysis

      Our Insights

      Let insights reveal new opportunities.

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      A library of  KPMG's previous insurance surveys

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